1
EXHIBIT 11
KEYCORP
COMPUTATION OF NET INCOME PER COMMON SHARE
(dollars in thousands, except per share amounts)
Three months ended September 30, Nine months ended September 30,
------------------------------- ------------------------------
1994 1993 1994 1993
-------------- -------------- ------------- --------------
NET INCOME APPLICABLE TO COMMON SHARES
Net income $229,328 $200,802 $659,730 $587,564
Less: Preferred dividend requirements 4,000 4,158 12,000 14,097
-------------- -------------- ------------- ---------------
Net income applicable to Common Shares $225,328 $196,644 $647,730 $573,467
============== ============== ============= ===============
NET INCOME PER COMMON SHARE
Weighted average Common Shares outstanding 244,132,128 240,821,930 243,635,197 239,437,141
============== ============== ============= ===============
Net income applicable to Common Shares $225,328 $196,644 $647,730 $573,467
============== ============== ============= ===============
Net income per Common Share $0.92 $0.82 $2.66 $2.40
============== ============== ============= ===============
NET INCOME PER COMMON SHARE -- PRIMARY
Weighted average Common Shares outstanding 244,132,128 240,821,930 243,635,197 239,437,141
Dilutive common stock options (1) 2,813,300 1,571,119 2,672,647 1,892,081
-------------- -------------- ------------- ---------------
Weighted average Common Shares and Common Share
equivalents outstanding 246,945,428 242,393,049 246,307,844 241,329,22
============== ============== ============= ===============
Net income applicable to Common Shares $225,328 $196,644 $647,730 $573,467
============== ============== ============= ===============
Net income per Common Share $0.91 $0.81 $2.63 $2.38
============== ============== ============= ===============
NET INCOME PER COMMON SHARE -- FULLY DILUTED
Weighted average Common Shares outstanding 244,132,128 240,821,930 243,635,197 239,437,141
Dilutive common stock options (1) 2,813,804 3,009,280 2,675,110 2,063,647
-------------- -------------- ------------- ---------------
Weighted average Common Shares and Common Share
equivalents outstanding 246,945,932 243,831,210 246,310,307 241,500,788
============== ============== ============= ===============
Net income applicable to Common Shares $225,328 $196,644 $647,730 $573,467
============== ============== ============= ===============
Net income per Common Share $0.91 $0.81 $2.63 $2.37
============== ============== ============= ===============
<FN>
(1) Dilutive common stock options are based on the treasury stock method using
average market price in computing net income per Common Share -- primary,
and the higher of period-end market price or average market price in
computing net income per Common Share -- fully diluted.